Paints And Coatings Market Size, Share & Trends Analysis Report By Product (Radiation Cured Coatings, Powder Coatings, Waterborne Coatings, Solvent-borne Coatings), By Region, And Segment Forecasts, 2024 - 2030

Paints And Coatings Market Size & Trends

The global paints and coatings market size was estimated at USD 200.3 billion in 2023 and is expected to grow at a CAGR of 4.8% from 2024 to 2030. The market is expected to witness substantial growth over the forecast period, owing to the increasing consumption of products in construction, automotive, and general industries. Factors such as the rapid urbanization and industrialization in emerging countries, such as India, China, and those in Southeast Asia, are anticipated to fuel the demand for paints and coatings in construction applications. 

The global construction industry is one of the major consumers of the product across the world. It accounted for a share of more than 40% in terms of total global demand for the product in 2023. Ongoing urbanization and industrialization across the world have led to increased requirements for construction and infrastructure development, especially in emerging regions, such as Asia Pacific, Central & South America, and the Middle East.

According to the International Trade Administration (ITA), the urbanization rate in China is the highest in the world. The American Institute of Architects (AIA) Shanghai reported in 2022 that China is expected to have construction activities equivalent to 10 New York-sized cities by 2025. As per the National Investment Promotion & Facilitation Agency, an estimated 600 million people are anticipated to be living in urban centers in the country by 2030, thereby creating a demand for 25 million additional mid-end and affordable housing units in China. This is anticipated to drive the demand for the product in the coming years. 

In recent years, the market has experienced growth, owing to the adoption of environment-friendly materials that align with sustainable or green chemistry principles. This shift is fueled by the rise in consumer consciousness toward sustainable products and the presence of stringent environmental regulations, which aim at reducing volatile organic compounds (VOC) emissions. Eco-friendly products have emerged as a significant trend in the global market, owing to their solvent-free nature. This results in minimal VOC emissions and combustion risk mitigation during their application and storage.

Stringent environmental regulations, particularly concerning air quality, in the U.S., China, and Western Europe are expected to influence the adoption of low-pollution coatings in the coming years. These regulations drive the transition from solvent-based paints & coatings to low-VOC or eco-friendly alternatives, such as high solids, powder coatings, water-based coatings, and UV-curable coatings. By containing a few solvents that evaporate during their application, these low-VOC products contribute to a green environment by minimizing or eliminating VOC emissions.

Market Concentration & Characteristics

The market is moderately fragmented with players that aim to achieve optimum business growth and strong market positioning through production capacity expansions, new product development, acquisitions, collaborations, partnerships, and investments in research & development. Manufacturers have anticipated a huge gap in product and technology development; thus, they are investing in research & development to add new products to their portfolios and develop better technologies for various end-use industries of the product.

PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems, LLC, and Akzo Nobel N.V. are among the top manufacturers in the product market. These companies have a stronghold in the emerging markets of Asia Pacific and the Middle East & Africa while exporting their products for various end-use applications, such as architectural & decorative and protective & marine applications in these regions.

These companies are continuously engaged in research & development activities and focus on product development to meet the growing demand from various end-use industries. For instance, in February 2023, PPG Industries, Inc. launched an epoxy-based intumescent coating named PPG STEELGUARD 951, which is a fire protection coating to meet the demands of the architectural steel market. The new product is expected to complement technological advancements in the product industry and cater to the increasing demand from high-temperature operating industries, such as oil & gas and energy. 

Product Insights

The waterborne coatings segment dominated the market with a revenue share of 40.8% in 2023, owing to their wide usage in confined and poorly ventilated spaces. These coatings dry at a faster rate compared to solvent-based paints and coatings, due to the rapid evaporation of water from the coating layer, which results in faster drying without surface skin formation. Water-based paints and coatings are primarily used where solvent-based coatings are expected to react with the substrate. They are ideal primers, as they possess excellent thermal and corrosion resistance. In addition, they are flame-resistant and have low toxicity, owing to their low VOC content and low hazardous air pollutant emissions.

The use of water-based products is projected to increase, due to stringent legislations regarding the solvents present in paints & coatings in the U.S. and other mature European countries. Several companies in the market are working toward the development of new fast-drying paints and coatings. Companies, such as Alfa Laval and Hellenic Petroleum, are using fast-drying water-based products for heat exchangers, train wagons, piping, and tanks. This is expected to have a positive impact on the demand for water-based coatings over the forecast period.

Powder-based coatings are more durable and eco-friendlier as compared to their counterparts. Powder-based products have negligible VOC content, due to the absence of solvents and, thus, they comply more efficiently and economically with the environmental protection regulations. Powder-based products are widely used in agricultural equipment, automotive, machine components, mechanical parts & building facades, and electrical fixtures to prevent corrosion and provide a thicker coating. Increasing demand for low VOC or zero-emission coatings in the U.S., India, China, and in European countries is expected to propel the demand for powder-based products over the forecast period. 

Regional Insights

The construction industry in North America is expected to witness significant growth over the coming years, owing to high demand for non-residential construction projects, such as hospitals, commercial buildings, and colleges. The implementation of the "Affordable Healthcare Act" in 2023 is expected to stimulate the construction of a greater number of healthcare units and hospitals, which, in turn, is expected to boost the demand for architectural and decorative paints & coatings in the region over the forecast period.

U.S. Paints And Coatings Market Trends

The U.S. paints & coatings market is experiencing significant growth, driven by the rising construction sector in the U.S. at a significant rate, owing to positive market fundamentals for commercial real estate and a strong economy, along with rising state and federal funding for institutional buildings and public works. In March 2023, the U.S. government announced an investment worth USD 2 trillion as a part of coronavirus response for the development of infrastructure, including hospital buildings, roads, and other infrastructure.

Asia Pacific Paints And Coatings Market Trends

Asia Pacific dominated the market with a revenue share of 34.6% in 2023, which is attributed to rising construction activities and demand for paints and coatings from the automotive sector in emerging countries, such as India, Japan, and South Korea, are expected to drive the market over the forecast period. 

The paints & coatings market in China is expected to be one of the promising markets in the region on account of the government’s support to promote investments in the manufacturing sector. Several companies are expanding or setting up new manufacturing facilities, owing to low labor costs and ease of raw material procurement in the country. The growing manufacturing sector is expected to propel the demand for the product in automotive, aerospace, construction, electrical & electronics, and other industries. India and China have witnessed a spike in automotive production. For instance, in September 2022, the California-India Zero Emission Vehicle (ZEV) Policy program was initiated by the Indian government to support and increase the development of ZEVs in the country.

Europe Paints And Coatings Market Trends

The Europe market for paints and coatings has been very dynamic post-Brexit, and the paints & coatings market is likely to be affected, as the UK has been one of the major markets for paints & coatings. Surging automobile production in Germany, Hungary, Romania, Austria, and the UK, along with strong manufacturing bases of companies, such as Volkswagen AG, Chevrolet, Daimler-Chrysler, Mercedes-Benz, and Dodge, is expected to drive the product demand.

The Europe paints & coatings market is expected to grow during the forecast period. Expanding construction sector in various countries, including the UK, the Netherlands, Germany, Hungary, Poland, Sweden, and Ireland, is expected to propel product demand over the forecast period. Increased funding from the EU, coupled with supportive measures, such as subsidies, tax breaks, and incentives taken by various governments, is anticipated to augment the growth of the construction sector in the region.

The paints & coatings market in Germany is expected to witness growth over the forecast period. According to Autobei Consulting Group, Germany dominates the automotive market in Europe with 41 engine production plants in 2023, and assembly that contribute to one-third of the total automobile production in the region. The sales of new vehicles are constantly increasing with improvement in the economy reflecting consumer confidence, which is expected to positively impact the market in the coming years. However, the sales of new cars has witnessed small contraction, owing to the introduction of new WLTP emission control regulation, to promote vehicle quality in reduction of emission to lower level possible, has caused several restrictions in new car registration. This is expected to create lucrative growth opportunities for the market in the coming years.

The UK paints & coatings market is primarily driven by the growing product demand from the aerospace sector, especially for component repairing applications. According to the International Trade Administration, the UK aerospace industry is the 2nd largest in the world after the U.S., with a turnover of around USD 32 billion in 2021. As of 2022, the country has more than 3,000 aerospace companies with domestic companies, including Cobham, BAE Systems, GKN, Meggitt, and QinetiQ. Growing aerospace sector positively affects the market growth. 

Central & South America Paints And Coatings Market Trends

The paints & coatings market in Central & South America is expected to witness substantial growth in the product demand over the forecast period, owing to the region’s economic growth in the past few years. Increasing disposable income of consumers has surged the demand for automobiles, which is expected to augment the demand for the product over the forecast period. Increasing automotive vehicle sales in Argentina, Brazil, and Columbia is also expected to have a positive impact on the market. Rising foreign investments in the automotive sector in the region are expected to open new growth avenues for paints & coatings over the forecast period.

The Brazil paints & coatings market is anticipated to grow from 2024 to 2030. Brazil is the leading producer of automobiles in Central & South America and emerged as the ninth-largest automobile producer in the world. According to the International Organization of Motor Vehicle Manufacturers, automotive production in Brazil witnessed an increase of 5% in 2022 compared to 2021.

Furthermore, in 2023, the Brazil automotive industry is projected to experience a 2.2% increase in automobile output, with approximately 2.42 million vehicles being manufactured. This growth is expected to be driven by a 4.2% rise in the production of cars and other light vehicles. As one of the fastest-growing economies, Brazil has become a global hub for manufacturers. Automotive manufacturers are focusing on increasing their customer base by entering new markets. Owing to the trends, the demand for paints & coatings is anticipated to rise in automotive applications over the forecast period. 

Middle East & Africa Paints And Coatings Market Trends

The Middle East market’s growth is likely to be driven by the expanding oil & gas industry and rising healthcare expenditure in the region. The Middle East oil & gas industry has been witnessing a major shift in recent years with rising investment in a diverse range of projects, including technical offshore and LNG projects. This trend is expected to continue in the coming years, as major players in the market are expanding their presence in the region and are engaged in long-term projects, such as Upper Zakum, a production capacity enhancement project in the UAE; Zubair Oil Field - Rehabilitation Phase and Enhanced Re-Development Phase in Iraq; and Yanbu, a crude oil-to-chemicals complex project in Saudi Arabia. This positive scenario of the oil & gas industry is expected to drive the demand for paints & coatings in the oil & gas industry over the forecast period.

Saudi Arabia paints & coatings market is projected to witness growth during the forecast period. The demand for paints & coatings in Saudi Arabia has been experiencing a significant rise, due to several factors. Firstly, the country's construction and architectural sector has witnessed substantial growth, driven by mega projects, such as the Red Sea Project and the Qiddiya entertainment city. These developments have increased the need for paints & coatings in various applications.

Key Paints And Coatings Company Insights

Some of the key players operating in the market are Jotun, The Sherwin Williams Company, Akzo Nobel N.V., Axalta Coating Systems, LLC, PPG Industries, Inc., RPM International, Inc., BASF SE, Henkel AG & Company, KGaA, and Contego International Inc.

• AkzoNobel N.V., The Sherwin Williams Company, BASF SE, PPG Industries, Inc. RPM International, Inc., Nippon Paint Holdings Co., Ltd., and Asian Paints are the top seven manufacturers in the global paints & coatings market and accounted for around 58% of the global market by the end of 2023.

• These established players compete and outplay the regional players by strategically integrating across the value chain to ensure seamless supply chain activities and reducing the production & operating costs. In addition, companies involved in manufacturing paints & coatings develop new products and production technologies for paints & coatings to cater to the varied application needs of customers.

Recent Developments

• In May 2023, Arkema acquired Polytec PT, a provider of adhesives for batteries and electronics. In the electronics market, Polytec PT develops engineering adhesives and thermal interface materials for batteries.

• In February 2023, PPG Industries Inc launched an epoxy-based intumescent coating named PPG STEELGUARD 951, which is a fire protection coating to meet the demands of the architectural steel market.

• In February 2023, Japan's Kansai Paint announced the acquisition of all shares of CWS Group by its European subsidiary, Kansai Helios, making it a wholly-owned subsidiary of the group. CWS Group is a prominent manufacturer of industrial synthetic resins and powder coatings in various European countries and the U.S.

Paints & Coatings Market Report Scope

Global Paints And Coatings Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the global paints and coatings market report based on product and region.

• Product Outlook (Volume; Kilotons; Revenue, USD Million, 2018 - 2030)

  • Radiation Cured Coatings

    • By Raw Material

      • Oligomers

      • Monomers

      • Photo Initiators

      • Additives

    • By Formulation

      • Ultraviolet Curing

      • Electro Beam Curing

    • By Application

      • Wood

      • Industrial

      • Printing Inks

      • Paper & Film

      • Electronic Products

      • Adhesives

      • Glass

      • Other Applications

  • Powder Coatings

    • By Resin

      • Epoxy

      • Polyester

      • Epoxy-Polyester (Hybrid)

      • Acrylic

      • Polyurethane

      • Others

    • By Application

      • Consumer Goods

      • Architectural

      • Automotive

      • General Industries

      • Furniture

      • Others

  • Waterborne Coatings

    • By Resin

      • Acrylic

      • Polyurethane

      • Epoxy

      • Alkyd

      • Polyester

      • PTFE

      • PVDC

      • PVDF

      • Others

    • By Application

      • Architectural

      • General Industrial

      • Automotive OEM

      • Metal Packaging

      • Protective Coatings

      • Automotive Refinish

      • Industrial Wood

      • Marine

      • Coil

      • Others

  • Solvent-Borne Coatings

    • By Type

      • One Component

      • Two Component

    • By Application

      • Automotive Solvent-Borne Coatings

      • Industrial Solvent-Borne Coatings

      • Printing Inks

      • Other Applications

• Regional Outlook (Volume; Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

    • Costa Rica

  • Middle East & Africa

    • Saudi Arabia

    • South Africa